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China Eastern Airlines swings to profit in Q1

China Eastern Airlines Corp. Ltd. said its first-quarter normalized net income was 1.11 billion yuan, compared with a loss of 79.5 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 4.9% from negative 0.4% in the year-earlier period.

Total revenue grew on an annual basis to 22.39 billion yuan from 21.82 billion yuan, and total operating expenses decreased 7.3% on an annual basis to 20.42 billion yuan from 22.03 billion yuan.

Reported net income came to 1.56 billion yuan, or 12 fen per share, compared with a loss of 205.0 million yuan, or a loss of 2 fen per share, in the prior-year period.

As of April 29, US$1 was equivalent to 6.20 yuan.